Introduced
by
To increase the length of time before the state can presume abandonment and take possession of property owned by one person or entity and held by another (including bank and mutual fund accounts, gift cards and other assets), when there has been no activity or claim on the account. A <a href="http://www.michiganvotes.org/2010-HB-6421">2010 law</a> reduced this “dormancy” period for all types of property (except travelers checks) to three years (it had ranged from five to 15 years), after which it “escheats” to the state. The bill would increase this to five to seven years depending on the type of property.
Referred to the Committee on Commerce
